Industry News

Phones ringing at foreclosure prevention hotline

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A national hotline set up by mortgage lenders to help homeowners stay out of foreclosure has fielded more than 2,000 calls from Ohio, where foreclosures have reached "crisis levels," the Homeownership Preservation Foundation reports. The average foreclosure can cost a mortgage company $50,000 or more, said Walt Fricke, president and executive director of the Foundation, when the hotline was launched in February. The foreclosure prevention hotline is being advertised on 90 TV and 141 radio stations around the nation and at Ohio residents have made nearly a third of the calls to the hotline, 888-995-HOPE, since a statewide program launched in April, said Lauren Crandall, a spokeswoman for the Foundation. According to a report, new foreclosures rose 11.8 percent in the first six months of the year. The report ranked Ohio sixth on the list of 10 states with the highest foreclosure rates in the nation, with Georgia, Indiana, Colorado, Michigan and Texas ho...